Crude oil prices rise on U.S. inventory draw, Anas Alhajji notes

Crude oil prices rise on U.S. inventory draw, Anas Alhajji notes
Crude draw lifts prices, fuel stocks rise

Anas Alhajji, managing partner and energy economist at Energy Outlook Advisors LLC, reports that crude oil prices have increased following a significant draw in U.S. crude inventories.

However, unexpected builds in gasoline and distillate inventories raise questions about the strength of demand. Alhajji presents data on U.S. inventories, exports, imports, and refinery utilization, highlighting mixed signals for oil markets.

Alhajji recently noted that Russian LNG exports climbed to record highs while Venezuela crude oil shipments rose to levels not seen since early 2019. In a prior update, he reported on oil prices surging by about 4 percent as Brent crude approached $98 following drone attacks in Kuwait. These recent developments provide context for his ongoing analysis of oil market data.

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